KITCHENER, ON (August 6, 2008) - Sales of residential properties in Kitchener-Waterloo and area rebounded last month, more than matching July 2007 results. There were 657 home sales last month, surpassing July 2007 results by two sales. All price categories above $225,000 experienced double-digit sales increases last month, while sales of lower priced properties tempered overall results. Sales of homes over $400,000 showed the greatest strength last month, jumping 67 percent relative to July 2007 results. "Sometimes July can be a slow month for real estate," says Karen Shartun, President of the Kitchener-Waterloo Real Estate Board. "While the number of sales have softened so far in 2008 relative to last year's record-setting pace, demand remains strong with purchasers casting a strong vote of confidence in the value of home ownership in Kitchener-Waterloo and area." Shartun says this region is bucking a national trend of fewer residential sales, with results in the Kitchener-Waterloo and area continuing to post more positive results. The average price of all residential properties sold in the Kitchener-Waterloo area last month increased a comparable 5.6 percent to $261,936. Single family detached homes sold for an average price of $302,394, a 5.5 percent increase over one year ago. The median sale price of all homes sold in the Kitchener-Waterloo area in July jumped 7.9 percent to $243,800, while single family detached properties had a median sale price of $275,000, a 7.1 percent increase for the same period. The number of active residential listings remained consistent year over year at 1,941. However, the 928 new listings recorded in July represented an increase of almost 14 percent relative to July 2007. The strong pace of home sales was accompanied by a significant decrease in the average number of days these properties were listed for sale. "An increase in the pace of sales activity has accompanied the rebound in unit sales," says Shartun. "Not only are we seeing more sales activity, but there is also a greater readiness on the part of buyers to act on properties that reflect good market value." Shartun says she expects sales in Kitchener-Waterloo and area to continue to outpace sales activity generally across Canada for the balance of the year given the positive market dynamics.